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I am Perry Peterson, a retired auditor and tax accountant. My wife Valeta and I live along the front range of the beautiful Colorado Rocky Mountains.

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September 04, 2014

ObamaCare will add significant complexity to income tax preparation

H&R Block CEO William Cobb spoke of the ‘significant complexity’ ObamaCare will add to personal income tax preparation.

"The forms are very detailed and can present significant complexity, depending on a filer’s coverage status during the year, income level, and household composition,” Cobb said. “Depending on their situation, there are instances where filers may need to file multiple new tax forms and complete additional worksheets.”

Starting with next year’s tax season, individuals who do not have health insurance that meets federal requirements will be subject to penalties. But there are various categories of individuals who could be exempted.

Many taxpayers who received subsidies to purchase health insurance through ObamaCare could be forced to repay the federal government.

Fewer taxpayers will be able to file the 1040EZ as Obamacare will increase the demand for tax preparation services.